The National Insurance Commission (NAICOM) has applauded the passage of the Insurance Reform Bill by the Federal House of Representatives.
This follows the passage of the Bill by the Senate earlier in December 2024.
NAICOM, in a statement on Thursday said the milestone achievement marks another significant step towards transforming the insurance industry in Nigeria.
The Commission said it is excited about the prospects of the bill receiving assent from President Bola Tinubu, which would pave the way for the implementation of its provisions.
It said, as the apex regulator of the insurance industry, it is committed to ensuring that the sector contributes positively to Nigeria’s financial landscape.
“We believe that by the time the Insurance Reform Bill is signed into Law, it will have a profound impact on the industry, leading to improved penetration, increased public confidence, and enhanced competitiveness,” NAICOM added.
While saluting the leadership of the National Assembly for their efforts in passing the bill, NAICOM said it is looking forward to its assent by the President.
It expressed confidence that the Reform Bill would usher in a new era of growth and development for the insurance industry in Nigeria.
